Fact or Fiction: One Credit Card Earns You No Credit

Saving & investing, frugality & simple living. They're all part of the wealth equation.
Here's the place to discuss getting (and keeping!) your money.

Moderator: lvergon

LeRainDrop
Posts: 353
Joined: Tue Jun 30, 2009 9:44 pm
Location: Atlanta, Georgia
Contact:

Re: Fact or Fiction: One Credit Card Earns You No Credit

Postby LeRainDrop » Sat Oct 27, 2012 6:18 pm

Hi taysel, I just wanted to circle back with you because I'm watching Suze Orman right now, and she just answered a question that gets to your issue. In order to establish credit if you are getting rejected for standard credit cards, Suze says the only way is to take out a secured credit card, but be careful to pay it off in full every month so that you don't have to pay interest. She says she's not a fan of secured cards, but it's really the only option for this situation now. Basically, just adding another expert voice in favor of what TCstr8 advised. Good luck!

partgypsy1
Posts: 446
Joined: Mon Apr 25, 2011 7:37 am
Contact:

Re: Fact or Fiction: One Credit Card Earns You No Credit

Postby partgypsy1 » Mon Oct 29, 2012 2:34 pm

I don't know if this helps, but out of college, since I used no credit cards in college, the first credit card I applied for I got rejected (no credit history) despite the fact that I had my own checking account paid bills on time, etc. So it was suggested to me to apply for a store credit card. So I used and paid off a store credit card, and after a year or so, applied and was accepted for a regular credit card.
I have a friend who did the same thing; unbelievably she was in her late 40's and never used a credit card, so had insufficient credit history, but was planning on getting a mortgage and needed a credit score. She also got a store credit card, used it regularly (charging small amounts and paying in full) and then got a regular credit card, and then the mortgage. This happened over a 3,4? year period of time.


Return to “Personal Finance”

Who is online

Users browsing this forum: Google [Bot]